BUS 475 Final Exam Study Guide 2012 � Set 1

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BUS 475 Final Exam Study Guide 2012–Set 1100 Answers from 2012 BUS/475 Final ExamReviewed and Prepared by ACCNerd.com. Thank you!1) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA,_____ became theUnited States' second largest trading partner.A.Mexico, VenezuelaB.Canada, VenezuelaC.Great Britain, ParaguayD.Mexico, CanadaE.Canada, Mexico2) "Generally accepted" in the phrase generally accepted accounting principles meansthat theprinciples __________.A.have been approved for use by the managements of business firmsB.have been approved by the Internal Revenue ServiceC.have substantial authoritative supportD.are proven theories of accounting30) Building a dynamic organization is another way of describing which function of management?A.StaffingB.OrganizingC.LeadingD.ControllingE.Planning4) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sampurchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are soldfor $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’sgross profit for March?A.$8,250B.$750C.$4,500D.$5,2505) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of$74,400 and sales for the current year of $100,000. How much is Hess’s break even point?A.2,133 unitsB.6,200 unitsC.$25,600D.4,600 units6) As Plant Controller, you are trying to determine which costs over which you have the mostcontrol on a day to day basis. Your goal is to achieve better profitability. The Plant Operations

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